Indonesia Growth Surprises as Consumers Shake Off Inflation
- Household spending was above 5% trend in decade before Covid
- Holidays drive up spending, manufacturing, while exports slump
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Indonesia’s economic growth accelerated last quarter, fueled by consumption that defied the impact of higher interest rates, still-elevated prices and a commodity slowdown.
Gross domestic product rose 5.17% in the three months through June compared to a year ago, the nation’s statistics office said on Monday. That beats the 5% median forecast in a Bloomberg survey of economists and the expansion in the previous two quarters.